August 2nd, 2012

ECB President Draghi Goes Comical Ali

Mario Draghi, president of the European Central Bank, told a press conference following the meeting of the ECB Governing Council in Frankfurt this afternoon that “the euro is irreversible”. Asked by the media what he meant by that he exclaimed to much laughter “It stays, it stays, it stays. It’s pointless to bet against the euro, it’s pointless to go short on the euro.” From the beginning of the press conference to the end the € fell 200 pips against the $, so he was proved factually incorrect before he even finished speaking.

At the end of the press conference Spanish yields were back over 7%, capital flowed into German bunds as a safe haven, trading in Italian bank stocks was halted, the euro had pointedly rewarded those who were short and bet against it, costing the ECB a lot of credibility. Spain has now been told it will, like Greece, have to formally ask for a bailout on austere German terms. The can has been kicked down the road again, the end of the road however is in sight…


76 Comments

  1. 1
    Kebab Time says:

    Is Draghi bonkers?

  2. 2
    Lord Michael Caine says:

    We are paying £35 million a DAY into this farce.

  3. 3
    Fruitcake says:

    Expect Farage to go into attack-dog mode (again) soon…

  4. 4
    Arghh says:

    That’s it, I’m buying Yen.

  5. 5
    Lord Leveson says:

    You are under arrest!

  6. 6
    Fuct says:

    Demonstrably!

  7. 7
    The Tit in No 10 says:

    Tony maintained it’s dashed well worth it – and so do I!

    And that’s an end to it!

  8. 8
    George Gideon Oliver Osborne says:

    Comrades

    “The pound sterling is irreversible”

  9. 9
    Shhhhh!!!!! says:

    Don’t
    mention the court case
    wiv the effnics
    and the girls
    in atht Norvern
    Town and the sentence
    wot’s
    been
    handed
    down

  10. 10
    Pawn Sandwich says:

    Yes but look at the benefits, if we were unified on the olympic medals table europe would presently be top of the leaderboard with two more gold than China.

    Thats worth £35million a day is it not?

  11. 11
    Mitt Romney says:

    I could do business with this dude, Mario Draghi.
    The end of the road is certainly in sight.

  12. 12
    Gordon Brown says:

    No worries!

    I sold the gold and bought Euros.

    NOW who says I’m an idiot?

  13. 13
    SP4BS says:

    So what if the euro might be irreversable, they can make all the streets go backwards instead.

    Alternative: Have a look at the cars in paris, they park without being able to reverse.

  14. 14
    Peter Grimes says:

    Fuckwits all!!

  15. 15
    Pawn Sandwich says:

    Tony also added £5.5million per DAY by giving up half of Thatchers rebate.

  16. 16
    Piss-pot says:

    That sentence should have been doubled for the perv. Two sentences to run concurrently – what’s the point in that?

  17. 17
    Logician says:

    Can’t argue with that!

  18. 18
    Pawn Sandwich says:

    You mean you sold gold and shorted the pound!

  19. 19
    Polly Toynbee says:

    Mario Draghi is a cretin.

  20. 20
    Engineer says:

    Is that a brand of baked beans?

  21. 21
    Filthy Rich Capitalist says:

    I love these incompetent politicians and Central Bankers. Leveraged short Euro, FTSE 100, S&P 500. Shangai Stock market has broken down this week leading the way for the rest of the world’s stock markets, Next stop FTSE 100, 4800 and S&P 500, 1100.

  22. 22
    Only 10 days 05 hours 54 minutes until the Olympics are over! Yay! says:

    £53million per day.

    That’s about £36,579,023.50 since midnight, £89,579,023.50 so far this month, £11,378,579,023.50 so far this year.

  23. 23
    I flew over Paris, - once says:

    Silly me! – and there’s me thinking Paris WAS a car park

  24. 24
    Engineer says:

    Best comment I’ve seen on the Euro’s slow demise so far;

    “Is 52% youth unemployment in Spain a price worth paying to save the Euro?”

  25. 25
    Pawn Sandwich says:

    There is no point in that. Might as well have ten sentences running concurrently. It basically means that the victims are having the piss taken out of them.

    I can accept concurrent sentencing only for the death sentence.

  26. 26
    Dolly Draper - Ferapist to the Rich and Famously Stupid says:

    Of course not, – obvious innit?

  27. 27
    Tay King-dePisse says:

    Mario Draghi in his previous career:

  28. 28
    Only 10 days 05 hours 49 minutes until the Olympics are over! Yay! says:

    It’s “Justice-Lite”. It allows our ‘esteemed’ leaders to make bold “tough on crime” pronouncements such as “so and so has been jailed for a total of 17 years”, before quietly adding “longest sentence 3 years, out in 18 months”.

  29. 29
    Hirohito says:

    It’s spelt ‘Yuan’.

  30. 30
    General Cheeseburger says:

    What we need to do is have a dinner with all the EU sympathisers including that deluded Mario, who incidentally looks nothing like a Plumber – he doesn’t even have a moustache and looks very much underfed!
    Anyways, we serve them up each one of Merkel’s anal GPS tracking sausages, topped with Francois Hollande Sauce, brick up the dunny’s but leave them all the EURO’s they can grab to wipe their shitlers….
    And if the trouser ankled bloodline wannabies won’t use them – we’ll just round them up, put ‘em in a field and BOMB THE BASTARDS!

  31. 31
    Sh!!!!!!!!! says:

    I’ve
    invented
    a
    machine
    that turns
    a
    man
    into
    a queen
    and
    as
    for pervs
    and
    blokes like this
    t’does many
    jobs
    just
    like a dre_am

  32. 32
    Pundit Too. says:

    This morning at 7am the Toady Programme news had the rate at a stated 0.82 and I shot out of bed quickly as this was an unbelievable increase in the value of the Euro.
    It was unbelievable – do they get anything right these days?
    I see our friend economic Stephanie was cleared of bias but the Trust basically stated she was economical with the truth over the value of the UK’s financial services to our GDP. Tells porkies but not biased?
    Lesson learnt “Do not trust the Trust” – they should go in for judging Olympic boxing matches.

  33. 33
    Peter Hitchens the voice of reason and dementia says:

    The Euro is going backwards as fast as an Italian tank

  34. 34
    Only 10 days 05 hours 39 minutes until the Olympics are over! Yay! says:

    That wasn’t Thatcher’s rebate, it was ours. If I remember correctly, Bliar renounced the dosh as a parting gift to Snotgobbler, “there’s you go, you bastard, here’s a £5m per day hole in your budget! Ha ha ha”.

    Yeah, thanks, Tone.

  35. 35
    Gordon Broon says:

    Damned right. He learnt all his innuendo style appeals from my mentoring.

  36. 36
    SP4BS says:

    I’ve thought for a while, that beans are a bad idea. If the shit hits the fan a more frugral foodstuff might be better. Dried lentils perhaps, but perhaps too hippyish. I know.

    Rice and peas.

  37. 37
    Stalin's Ghost says:

    Death by a thousand cuts.

  38. 38
    mad fanny craddock says:

    i bet it s a bit more than you were gettin as a young tearaway michal —-or should it be mauric e ——when you were nickin school pocket money from the smaller boys up the Elephant and round the Castle in the fifties eh..

  39. 39
    Mario Draghi says:

    la la la la la la la la

    cant hear you

    euro will survive

    la la la la

  40. 40
    Princess Polytwaddle's Head Butler, Valet and Handyman says:

    What-a you-a mean-a? Princess-a is not-a a tank-a and she never-a goes-a backward!

  41. 41
    robbie says:

    and what does “end of the road” look like?

  42. 42
    mad fanny craddock says:

    always had a yen for baked beans especially in bed….

    johnny never reciprocated.

  43. 43
    mad fanny craddock says:

    is it preceded by the word Don ???

  44. 44
    Hugh Janus says:

    Lord Caine, 35m quid would be bad enough, but it’s actually 53m per day.

  45. 45
    Grateful says:

    Am truly grateful for your countdown on the O£ympics.

    And your count UP on the disgarceful payments to the €USSR

  46. 46
    boris ramailles depfeiffer johnson says:

    i ve got a posher name than even you giddy

    ya boo sucks

  47. 47
    How? says:

    How the F@#k did he get Be@ns, ryce n Pe@s in there? Has Guido got a secret passage?

  48. 48
    the all seeing third eye says:

    did you spell the last worhd correctl —- sure there was nt a consonant missing before the t …???

  49. 49
    Mornington Crescent says:

    Nearly twenty years ago to the day, this happened:

    …and still they haven’t learned.

  50. 50
    herman rumpy pumpy says:

    you will be imprisoned fnor that libel against my good friend the draghi queen.

    you will be detained at my magisterial pleasure in the grands place underneath l’ enfant qui pisse.

  51. 51
    victoria jennings derbyshire says:

    if you think radio bore is bad what about radio five dead ??

  52. 52
    benito and the surrevnder monkeys says:

    oh come off it even the euro regressing is not that quick …

    i speak from pversonal experience

  53. 53
    Anonymous says:

    a bit like tobacco road but with a sudden steep drop to now here

    i believe the yanks call it a fiscal cliff

  54. 54
    Antipo-dean says:

    Sigh. How do the Germans not get this? Their only chance of survival is to dissolve the euro-zone and do it now.

    Think about it. The economies of Southern Europe are uncompetitive with their trading partners. To become competitive, they need at currency devaluation, which in the case of Greece is commonly put at 40-50%. This would make imports expensive, driving domestic consumption, and make their exports cheap on the world market, driving export growth.

    They can’t just do this because they’re part of the Euro. There are two ways, then, for their currency to devalue: 1. Leave the Euro, adopt the new Drachma or whatever at 1:1 with the Euro and let the market devalue it. 2. The economies of Northern Europe can go to hell, resulting in a 40-50% devaluation of the Euro. Same result.

    And it will happen. As long as Southern European economies remain uncompetitive, they will keep on needing bailouts. If they don’t leave the Euro, they can’t devalue their currencies to become competitive. So they will keep on needing bailouts, until the scale of the bailouts reaches the point where the German government can’t repay the loans it’s taken out to finance them. At that point, the German economy goes down the drain and everyone gets the devaluation they’ve been wanting.

    Simples!

  55. 55
    keredybretsa says:

    The Euro is here to stay, but not necessarily in it’s present form. A ‘Northern Euro’ and a ‘Southern Euro’ which will have less purchasing power. Of course they may well end up with an ‘East Euro’ and a ‘West Euro’ just to cover the whole situation.

  56. 56
    BBC News says:

    Due to the overwhelming coverage of the Olympics this story shall not feature in any of our bulletins.

  57. 57
    Steve Lloyd. says:

    Try £53 million.

  58. 58
    Rh- says:

    outside toilet I thought!

  59. 59
    Mario Draghi says:

    Si … nexta questiononi pleese

  60. 60
    Mandy says:

    I’ll never go short. I’m piling it in.

  61. 61
    All the Kinnochios says:

    We won’t go short either. It’s been fill-yer-boots for us for years, thanks to the EU.

  62. 62
    SIR EVERARD PENIS Q C says:

    This c*nt should be called Mario Druggi cause he’s certainly high on something
    and it’s not common sense yet again the markets plummet , borrowing rates go up and the Fuckin Germans pocket all the money yet again
    Germany will eventually rule Europe without firing a shot

  63. 63
    Paul de Handel says:

    Feeling flushed, are we ?

  64. 64
    Poor Bill says:

    So you are saying that Guido Fawkes. The peoples fighter for Freedom is

    ‘Censoring’ any comment on the Child Rape Case in Northern England.

    Can that be true ?

  65. 65
    Biased Broadcasting Corporation says:

    Do you seriously expect them to critique their own news output impartially?? Were you expecting Margaret Thatcher to appear in the Opening Ceremony?

  66. 66
    UKIP.i.am says:

    There’s a can at the end of the tunnel.

  67. 67
    UKIP.i.am says:

    There are so many dead sheep it isn’t worth it.

  68. 68
    The populace of the destroyed country formerly known as England says:

    At least there actually was a trial even though the authorities had to be forced to hold one, what about all the cases the CPS refuses to prosecute – always because the offenders are “enriched” whereas if the offenders are white there doesn’t seem any difficulty in prosecuting them.

  69. 69
    Ava Banana says:

    Nat King Cole had it right:

    Yuan ah fall een lurve, eet weel bee compleetly, or ah’ll nevair fall een lurve…

    Or was that Maurice Chevalier?

  70. 70
    Ava Banana says:

    Ah! that’s better…

  71. 71
    Ava Banana says:

    I think you have just discovered Ed’s first policy!

  72. 72
    Ava Banana says:

    That’s a pity cos if the euro WAS reversible we could get all our money back for the past 30 years or however long it haas been around.

  73. 73
    Ava Banana says:

    Pop along to Beachy Head and have a look.

  74. 74
    crown pakistani service says:

    and your point is?

  75. 75
    HDB111 says:

    The bit I loved was just before he started talking I shorted the market and the euro thank you you Italian buffoon you actually had Capital Spreads having to stop internet trading on the Dax, FTSE, abd CAC. Brilliant job and thanks for the gains.

  76. 76
    TGF UKIP says:

    Mario Canuti, more like


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